The decision to install a solar panel system at home is usually driven by the desire to avoid load shedding and significantly reduce electricity bills.
But is this assumption correct, and do solar systems actually lower electricity costs?
A study conducted in the UK has provided an answer to this question.
According to the research, if low-income or middle-class households install solar panels on their rooftops, they can see a significant reduction in their electricity bills.
The study, conducted by the think tank Resolution Foundation, found that low- or middle-income households spend at least 10% of their income on electricity bills.
The research further stated that by installing solar panels, these households could reduce their electricity bills by up to 24%.
In fact, researchers noted that solar panels help millions of people save money on energy costs, ultimately improving their financial situation.
According to the study, a 3-kilowatt solar panel system can help a household save over 150,000 PKR annually.
However, researchers pointed out that the high cost of a 3-kilowatt solar panel system makes it nearly impossible for low-income households to afford.
They added that while solar panels can reduce electricity bills by nearly 25%, many households—especially those in poorer areas—do not install them due to financial constraints.
It is worth noting that many experts suggest that while installing a solar system is not particularly difficult, determining the actual savings requires considering various factors.
According to experts, installing a solar system is essentially a mid-to-long-term investment.
It takes time to recover the investment because monthly savings depend on factors such as the size of the solar system, the household’s electricity consumption, and several other variables.
However, in the long run, these savings accumulate over the years or even decades.
Experts suggest that most solar systems recover their installation costs within 10 years, after which the electricity they generate is essentially free.
However, this also depends on factors like the initial cost of the solar system and the average electricity rates in a given area.
